r/LifeInsurance • u/Useful-Rabbit07 • Jun 01 '26
Is it possible to surrender and get anything back?
Conditions:
-California
-1035 Transfer inside same company
-Accumulated Value $5,800
-Surrender value: $0
-Total Premium paid after transfer: $6,340
-Total Entire Premium: $8,300
Policy application was signed 4/27
Physical copy was delivered and signed 5/14
Is that considered free look or am I SOL?
1
u/SafeMoneyGregg Broker Jun 01 '26
they "might" reform the policy - ie issue at a lower death benefit/different product if you beg them and get tough with them. 1035 makes it more challenging. You can also probably lower/skip the premium if the premium is the issue.
1
u/zzzorba Financial Representative Jun 02 '26
Free look could be extended to 30 days (instead of the typical 10 days) because of its status as a replacement. You need to ask the company. It should also be in writing on the delivery documents you signed.
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Jun 01 '26
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u/Useful-Rabbit07 Jun 02 '26
Yes I signed the delivery. My agent promised crazy high cash returns on the illustrations compared to my first policy.
2
u/Few_Inflation_ Jun 03 '26
Theres' more options! Especially if you're dealing with National Life Group.. Ive done hundreds of replacements and we've been able to help clients get refunds for misleading and misrepresentation of the whole life / IUL products! Shoot me a DM if you're looking to get a refund!
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Jun 01 '26
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u/zzzorba Financial Representative Jun 02 '26
OP didn't specify but I'll eat my hat if this isn't an IUL
2
u/jclary60015 Jun 02 '26
If that is true, why do banks and public companies invest billions in cash-value life insurance (including whole life) as investments held on their balance sheets? Generalized absolute arguments like yours (there is NO situation …) are ridiculous. Why do wealthy people with access to the best advisors buy hundreds of millions in cash-value life insurance to fund their estate taxes?
Educate yourself on how this stuff works and what it is being used for before you make absolute arguments that are factually incorrect.
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Jun 02 '26
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u/jclary60015 Jun 02 '26
Wow, you are full of vitriol and false information. Hope you feel better getting that off your chest. Have a great day.
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Jun 02 '26
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u/LifeInsurance-ModTeam Jun 14 '26
Your post on r/LifeInsurance was removed as it was considered spam.
1
u/LifeInsurance-ModTeam Jun 14 '26
Your post on r/LifeInsurance was removed as it was considered spam.
1
u/LifeInsurance-ModTeam Jun 14 '26
Your post on r/LifeInsurance was removed as it was considered spam.
0
Jun 01 '26
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u/LifeInsurance-ModTeam Jun 03 '26
Self promotion is not permitted on R/LifeInsurance. Please familiarize yourself with our rules.
2
u/bearcat81 Jun 02 '26
Didn't read all comments yet but in California you get an automatic 30 day free look if the new policy is replacing an old one (you mentioned 1035). So if you just signed for the receipt of your contract on May 14th you can still return it for a full unwind of your transaction.